Flow Traders has expanded into tokenized assets through its around-the-clock over-the-counter trading platform, providing two-way liquidity for products such as Franklin Templeton's BENJI fund and Tether Gold. This move aims to meet the needs of institutional users for 24/7 trading and hedging using fiat currencies or stablecoins. Chief Executive Officer Thomas Spitz stated that tokenization represents a potentially significant transformation of market structure, with access restricted to licensed counterparties that meet KYC requirements. Previously, Wintermute and GSR have also expanded into the thriving risk-weighted assets (RWA) market. Michael Lie from Flow Traders anticipates that growth in the RWA market across different asset classes will be "gradual and uneven."